Short Interest in Maplebear Inc. (NASDAQ:CART) Declines By 14.6%

Maplebear Inc. (NASDAQ:CART) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 11,260,000 shares, a decrease of 14.6% from the December 31st total of 13,190,000 shares. Based on an average trading volume of 3,650,000 shares, the short-interest ratio is currently 3.1 days. Currently, 6.7% of the company’s shares are sold short.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $48.28 on Friday. The company has a market capitalization of $12.40 billion, a P/E ratio of 32.40, a price-to-earnings-growth ratio of 1.09 and a beta of 1.04. The company’s 50-day moving average is $44.10 and its 200 day moving average is $40.62. Maplebear has a fifty-two week low of $23.59 and a fifty-two week high of $50.01.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the previous year, the company earned ($20.86) earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, research analysts predict that Maplebear will post 1.42 earnings per share for the current year.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares in the company, valued at $12,411,240.18. This represents a 10.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total value of $92,261.82. Following the completion of the sale, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at approximately $3,694,660.92. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,808 shares of company stock worth $3,569,808 over the last ninety days. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several institutional investors have recently bought and sold shares of CART. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear in the third quarter worth $33,000. Allworth Financial LP grew its stake in shares of Maplebear by 101.4% during the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after acquiring an additional 420 shares during the period. Huntington National Bank purchased a new stake in Maplebear in the 3rd quarter worth about $54,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Maplebear in the 3rd quarter valued at about $74,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Maplebear during the fourth quarter valued at about $151,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Stifel Nicolaus lifted their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Loop Capital upped their price target on Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Jefferies Financial Group initiated coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target on the stock. Macquarie upped their target price on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Finally, JMP Securities increased their target price on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.96.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.